We Want Loans for Bad Credit
No problem.
What? You thought there would be a problem. Well, the loan won’t be very large and the interest rate won’t be very competitive. And it might not be worth the possible outcomes. But it might be worth it. There are three types of loans for bad credit you can get: Payday Loans, Title Loans and Signature Loans.
Payday Loans
You can apply and receive these short-term loans as long as you have a job (and can prove it). They are fast. And they come at a price. The interest rate can be more than 25 percent, and sometimes as high as 50 percent. Not fun … but if you are looking for a 1500 loan, then this might be the solution.
Title Loans
These non credit check loans can be secured by the title of your car (assuming you own your car, tree and clear). You keep the car, but the loan company keeps the title. That means that if you default on the loan, the loan company has the right to sell your car. But, it may be worth it to get a high interest loan for up to 80 percent of the Kelly Bluebook value.
Signature Loans
While the loaning companies do check your credit rating when you apply for these types of loans, if you haven’t damaged your credit in the last several months, it is possible to receive a signature loan. This type of loan can be secured with a simple signature. These are usually shorter loans and – depending on your income – could be more than a thousand dollars. However, the plus side of a signature loan is that the loan can actually improve your credit by giving you a positive credit score. That, alone, might be worth the high interest rate.
No credit for a mortgage
That’s a little more difficult. You are going to have to improve your credit history before you can get a home mortgage. You can have not-so-good credit; but it is now – with the new banking laws in place – impossible to get bad credit loan for a house.
In short, if you need a quick monetary fix, you can get a small, high interest rate loan on bad credit. Do you want the loan? That depends on how bad you need the fix. If you have to go for the loan, use the financial breathing room it will provide to reexamine your spending habits – you didn’t get into this financial quagmire without somehow consenting to it. It is never easy to be up to your eyeballs in debt.
And you thought it would be impossible for you to get a loan. Well, think again. It’s not only possible, but it’s likely that even you can get a loan.